I've tried both Apple Silicon and Intel app installations, uninstalled, reinstalled, and restarted my laptop. All other Adobe apps are working fine. It shows the cover art and "Initializing Files"
M1 Macbook Air, MacOS Monterey
Did you try removing the configuration folder from the user library? Also, can you try logging in as another user to see whether the issue persists or is tied to this particular user account?
Also ensure that your local site folder resides on your primary local hard drive and that you have full read/write/edit access to that volume. Don't use External or Cloud drives for the local site folder.